Artesyn Biosolutions, a Waterford-headquartered manufacturer of single-use solutions for biopharma processing, has been acquired in a $200 million (€171.9 m) deal.
The company, which announced plans to create 50 jobs and invest €1 million in in its manufacturing and cleanroom facilities a year ago, is being acquired by Nasdaq-listed Repligen.
Repligen is spending about $200 million to acquire Artesyn, which comprises of $130 million in cash and $70 million in common stock.
Artesyn, which was founded by Michael Gagne in 2012, is forecast to generate $33 million to $36 million in revenue this year. It has its corporate headquarters at the Six Cross Roads business park in Waterford. It also has facilities in the US, Estonia and Asia.
To fund the transaction Repligen intends to use its cash on hand, which totalled $560 million at the end of June.
“We have made tremendous progress over the last four years as we introduced automated, highly efficient chromatography and filtration systems with unique flow path designs. We are at a point now where we need to scale again, and believe Repligen is the best partner to grow with,” said Mr Gagne.
Headquartered in Massachusetts, Repligen is a life sciences company that was founded in 1981. It recorded revenues of $270 million last year.